Blackberry (NYSE:BB) stock is soaring higher on Friday even though there’s no new news coming from the company.
Along with the rise in BB stock comes heavy trading of the shares. As of this writing, more than 23 million have changed hands. For comparison, the company’s daily average trading volume is 18.37 million shares.
So why are investors snatching up shares of BB stock this morning? It’s not just today that investors have taken an interest in the stock. The positive movement actually started on Thursday, which also didn’t bring any news about the company.
Instead, it looks like investors might be picking up shares of the stock thanks to news from earlier this week. Blackberry revealed that it sold off patents from its dead smartphone business to Huawei.
This statement was made by the company’s CEO during a presentation on Tuesday. However, it took a couple of days before investors started reacting to the news. BB unloading the patents makes sense as the company isn’t focused on smartphones anymore, reports Mobile World Live.
Blackberry’s current focus is on developing products and services in cybersecurity, the Internet of Things (IoT), and artificial intelligence (AI). It made this switch back in 2016 when it decided to exit the smartphone business after its devices started losing popularity with consumers.
BB stock was up 19.1% as of Friday morning and is up 65.2% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.